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REGISTERED NUMBER: NI640498 (Northern Ireland)












SDE Painting & Decorating (2016) Ltd

Unaudited Financial Statements for the Year Ended 31 August 2023






SDE Painting & Decorating (2016) Ltd (Registered number: NI640498)






Contents of the Financial Statements
for the year ended 31 August 2023




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


SDE Painting & Decorating (2016) Ltd

Company Information
for the year ended 31 August 2023







Directors: Mr G Connolly
Mrs K Cassidy
Mrs A Diamond



Registered office: Unit 2
Townsend Enterprise Park
Townsend Street
Belfast
BT13 2ES



Registered number: NI640498 (Northern Ireland)



Accountants: Exchange Accountants Limited
Chartered Certified Accountants
Oakmont House
2 Queens Road
Lisburn
Co. Antrim
BT27 4TZ



Bankers: Bank of Ireland
Market Street
Magherafelt
BT45 6EE

SDE Painting & Decorating (2016) Ltd (Registered number: NI640498)

Balance Sheet
31 August 2023

2023 2022
Notes £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 155,333 23,372
155,333 23,372

Current assets
Debtors 6 335,427 398,013
Cash at bank 101,812 25,850
437,239 423,863
Creditors
Amounts falling due within one year 7 (230,158 ) (118,740 )
Net current assets 207,081 305,123
Total assets less current liabilities 362,414 328,495

Creditors
Amounts falling due after more than one
year

8

(76,485

)

(28,244

)
Net assets 285,929 300,251

Capital and reserves
Called up share capital 100 100
Retained earnings 285,829 300,151
Shareholders' funds 285,929 300,251

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SDE Painting & Decorating (2016) Ltd (Registered number: NI640498)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and were signed on its behalf by:




Mrs K Cassidy - Director



Mr G Connolly - Director


SDE Painting & Decorating (2016) Ltd (Registered number: NI640498)

Notes to the Financial Statements
for the year ended 31 August 2023

1. Statutory information

SDE Painting & Decorating (2016) Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

SDE Painting & Decorating (2016) Ltd (Registered number: NI640498)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

2. Accounting policies - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 5 (2022 - 6 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 September 2022
and 31 August 2023 85,000
Amortisation
At 1 September 2022
and 31 August 2023 85,000
Net book value
At 31 August 2023 -
At 31 August 2022 -

5. Tangible fixed assets
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Cost
At 1 September 2022 42,395 730 39,625 82,750
Additions 134,683 - - 134,683
At 31 August 2023 177,078 730 39,625 217,433
Depreciation
At 1 September 2022 29,908 534 28,936 59,378
Charge for year - 49 2,673 2,722
At 31 August 2023 29,908 583 31,609 62,100
Net book value
At 31 August 2023 147,170 147 8,016 155,333
At 31 August 2022 12,487 196 10,689 23,372

SDE Painting & Decorating (2016) Ltd (Registered number: NI640498)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 243,609 264,595
Other debtors 30,789 125,650
Directors' current accounts 49,620 -
VAT 5,990 3,499
Prepayments 5,419 4,269
335,427 398,013

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 10,000 10,648
Hire purchase contracts 20,000 -
Trade creditors 108,495 45,036
Corporation tax - 16,531
Social security and other taxes 14,398 (1,386 )
Pension commitments 351 140
Proposed dividends 62,500 -
Other creditors 4,839 1,566
Directors' current accounts - 11,203
Accrued expenses 9,575 35,002
230,158 118,740

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans (see note 9) 19,217 28,244
Hire purchase contracts 57,268 -
76,485 28,244

9. Loans

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,648

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,648

Amounts falling due between two and five years:
Bank loans - 2-5 years 9,217 17,596

SDE Painting & Decorating (2016) Ltd (Registered number: NI640498)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 77,268 -

Hire purchase creditors are secured on the assets to which they relate.